Leviathan Metals receives initial assay results from its diamond drilling program at the Central Project, Kalahari Copper Belt, Botswana

Leviathan Metals Corp. (LVX) has released the first assay results from its maiden diamond drilling program at the 100%-owned Central Project on the Kalahari Copper Belt in Botswana. The company reported data for targeted horizons within six holes, bringing the total drilled to 26 holes covering slightly over 7,000 meters.

At a 0.1% copper cut-off, the reported intercepts include: - CEN_DD_003: 2.3 m @ 0.15% Cu from 228.0 m (Ag below detection, Pb 0.01%, Zn 0.01%) - CEN_DD_009: 1.0 m @ 0.10% Cu, 5.00 g/t Ag from 162.0 m (Pb 0.76%, Zn 0.15%) - CEN_DD_016: 1.1 m @ 0.22% Cu, 10.91 g/t Ag from 116.8 m - CEN_DD_017: 1.3 m @ 0.47% Cu, 11.98 g/t Ag from 142.9 m

At a 0.05% copper cut-off, the reported intercepts include: - CEN_DD_003: 4.0 m @ 0.11% Cu from 228.0 m - CEN_DD_004: 1.1 m @ 0.06% Cu from 131.9 m - CEN_DD_009: 1.0 m @ 0.10% Cu from 162.0 m and 1.0 m @ 0.08% Cu from 186.0 m - CEN_DD_014: 0.6 m @ 0.05% Cu from 470.4 m - CEN_DD_016: 1.1 m @ 0.22% Cu from 116.8 m - CEN_DD_017: 2.2 m @ 0.31% Cu from 142.0 m

The company stated that the results are consistent with the margins of a broader mineralizing system within a geological envelope exceeding 4 kilometers, concordant with the D'Kar-Ngwako Pan Formation (DKF-NPF) contact. This envelope is associated with folding, shearing, brecciation, and faulting, as well as lead-zinc halo zoning.

Additional disclosures noted visual copper sulphides in all but two holes drilled to date, with portable X-ray fluorescence (pXRF) copper readings recorded in almost every hole. Drilling has confirmed the Hyena Hills dome, though drill spacing reaches up to 2 kilometers in places. Further assay results are delayed due to certified reference material (CRM) performance issues in quality assurance and quality control (QA/QC) and are expected shortly.

The qualified person for the project is Graham Norton (Pr. Sci. Nat.). Samples were analyzed by SGS Randfontein in South Africa.

Leviathan Metals Corp. (LVX) is a pre-resource explorer with no revenue and no mineral resource on any asset, trading at a market capitalization of approximately C$39.5 million at C$0.34 per share, with a book value of roughly C$0.27 per share. The company’s latest release highlights a large system characterized by 10 km of anomalous contact and a confirmed dome with Pb-Zn zoning, which represents the strongest element of the announcement.

The update provides the first hard assay evidence that copper sulphide mineralization exists at the DKF-NPF contact on the Hyena Hills dome. The mineralization is laterally extensive and displays a zoning pattern similar to that seen at the producing KCB deposits. Prior to this release, the project’s thesis relied solely on geophysics, visual logging, and pXRF data.

However, the release does not deliver any grade or width of consequence, true width, continuity, tonnage, or metallurgy. The central thesis at the start of drilling in June was that the project represented the "next dome south of Khoemacau," but this data does not move the project from an anomaly to a deposit. Additionally, 20 holes from the current drilling program remain unreported.

There is no prior assay result at Central to serve as an embedded anchor for comparison. The relevant prior release was the visual-sulphide update on 12 August 2026, which reported sulphides in 8 of 14 holes over intervals "up to 10 metres or more" in the "right rocks, right place," published when the stock was at C$0.55. That expectation has already been fully unwound; shares fell from a C$0.96-0.98 peak in May-June 2026 to C$0.26 on 22-23 October and were trading at C$0.34 on 9 November, representing a 31% bounce off the low into this release. Consequently, there is no premium in the current price that these assays must justify.

Compared to the previous visual hype, the assays represent a downgrade, with 10 m-plus of logged sulphides converting to 1-2 m above 0.1% Cu and a best result of 0.47% Cu. Against a stock already down 65% from its high and near its 52-week low, this downgrade is largely reflected in the price.

The equity valuation remains unchanged regarding the perceived scale or grade of a potentially mineable system, though confidence in the existence of a hydrothermal copper system at the right stratigraphic level is affected. Between now and any resource definition, the company must fund 20 more holes of assays, the Serule/Foley uranium programme, and Foca. The company held a treasury of C$8.7M at 30 June 2026 against a reported FY2026 operating outflow of C$4.56M and a drilling programme of 12,500 m.

Leviathan Metals Corp. (TSXV: LVX; OTC: LVXFF; FSE: 0GP), formerly Leviathan Gold, is a Canadian-domiciled, TSXV-listed explorer with no revenue and no mineral resources. The company’s Central Project in the Kalahari Copper Belt of Botswana covers 100% of its ~590 km2 area following a March 2026 licence purchase. This property features over 30 km of interpreted DKF-NPF contact, primarily around the Hyena Hills dome, and directly adjoins MMG's Khoemacau group. The release reports the maiden drill programme at this site, comprising 7,000 m of an up-to-10,000 m programme across 26 holes.

In Botswana, Leviathan also holds 100% of the Serule and Foley uranium projects, located down-dip and along-strike of Lotus Resources' Letlhakane project, which holds 71.6 Mt @ 360 ppm U3O8 indicated and 70.6 Mt @ 366 ppm inferred resources. A 2,500 m RC/percussion programme began in October 2026. Historical results from a former owner, which are not NI 43-101 compliant, reported 196-1,247 ppm U3O8 over 2-10 m, with the best interval being 10 m @ 415 ppm.

The Foca Project in Republika Srpska, Bosnia, covers 100% of its 150.7 km2 area following the February 2026 Tjemenik licence, with a pending Podovi application. Trench results returned 14 m @ 7.78% ZnEq and 12 m @ 8.92% ZnEq, within broader intervals of 27 m @ 4.63% and 29 m @ 4.67% ZnEq. Historic Yugoslav drilling intersected approximately 15 m @ 13.25% Pb+Zn, which is not NI 43-101 compliant.

In Australia, Leviathan sold its Timor gold project to Au Gold Corp. for C$75,000 cash, 5M AUGC shares representing approximately 11.16%, and a US$3/oz contingent payment. This transaction leaves the company with residual Victorian ground for staged disposal.

Prior-period context not disclosed in today's release includes FY2026 (year to 30 June 2026) results showing a net loss of C$7.47M, EPS of -C$0.09, zero revenue, and an operating cash outflow of C$4.56M. The company held C$8.72M in cash, total assets of C$32.3M, and equity of C$31.1M, with no debt and a book value of C$0.27/share across 116.26M shares outstanding. A going-concern flag was included in the MD&A. In May 2026, the company raised C$10M at C$0.64 per share, issuing 15.6M shares and 802,557 compensation options at C$0.64, with insider participation of 1,036,700 shares.